“I’m optimistic about being profitable in Q1,” Musk said on the company’s fourth-quarter earnings call. “Not by a lot, but I am optimistic about being profitable in Q1 and all quarters going forward.”

Tesla’s fourth-quarter profit was just its third quarterly profit in the company’s history.

Tesla said it delivered 63,359 Model 3 vehicles to customers in North America in the fourth quarter, and this month it began producing Model 3 vehicles for Europe and China. Both markets are considered important growth opportunities for the company. Additionally, Tesla said it delivered 27,607 Model S and Model X vehicles to customers in the fourth quarter.